Below is a brief excerpt from a complementary research note written by our Consumables analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
U.S. Consumer prices on a seasonally adjusted basis were flat in October, after increasing 0.2% in September.
The food index rose 0.2% in October after being flat in September, with the food away from home, increasing 0.3% and food at home increasing 0.1%. The food at home prices reversed a three-month decreasing trend.
On an unadjusted basis (how companies report), food CPI rose 3.9% for the 12 months ended in October. The food at home was up 4.0%, and food away from home was up 3.9%.
The differential between the two inflation figures tightened to the smallest amount since the pandemic began in March, as seen in the chart below.
All six major grocery store food group indexes rose with fruits & vegetables up 2.6% and meat up 6.1%. The index for food away from home increased by 0.3% in October, less than the 0.6% increase in September.
For the 12 month period, the index for limited-service meals increased 5.7% while full-service meals increased 2.8%.
Meat prices have been a driver of higher food prices for much of the pandemic until September, as seen in the IRI chart below. In the two most recent weeks, meat prices have trended above general food prices.